Economy

Kurdistan PM welcomes EU delisting of Iraq from money laundering, terror financing designation

"In recent years, the KRG and the federal government in Baghdad have worked together with our partners in the international community to target the financing of terrorism and criminal networks, including illegal currency auctions and informal money service businesses."

Kurdistan 24 2022/01/10 20:31

Masrour Barzani, Kurdistan Region’s Prime Minister’s speech in University of Kurdistan Hewlêr (UKH) graduation ceremony, Nov. 3, 2021. (Photo: KRG)

Iraq EU Krg Masrour Barzani

ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Monday welcomed the European Union's recent decision to delist Iraq from the category of countries at high risk of money laundering and terror financing (AML/CTF).

On Sunday, the EU ambassador to Iraq announced that Iraq "has been taken off the list of countries at high risk of money laundering," which will help deepen the financial cooperation and investment between the country and the European nations.

He added that the KRG is at the forefront of international efforts to disrupt and eradicate ISIS's financing and its supports through the Counter ISIS Finance Group of the Global Coalition.

The premier highlighted the reforms his government has undertaken towards strengthening transparency in public finances, oil sales, procurement, and border crossings.

These reforms "have made us stronger in our fight against corruption," Barzani said. "With increased financial cooperation and investment from the European Union on the horizon, banking sector reform and support will become easier to deliver for the public."

"This success we are enjoying today, with Europe's recognition of shared efforts in Erbil and Baghdad, is why we must now go even further to secure a bright and prosperous economic future for our children," he said.

Earlier Monday, Iraqi Prime Minister Mustafa al-Kadhimi similarly welcomed the EU decision.

Iraq was added to the EU list in 2016 for its legal deficiencies in preventing financial crimes, including terror financing. The labeling aimed at protecting the European financial system from illicit economic activities, which comprises 1 percent of its total annual GDP.